First Time Buyers Info

Welcome to our Info Center for

First Time Home Buyers!

"If you think a little bit of online research can compare to thirty years of hands on expertise, then skip this section"

Michael Forsyth

The Seven Steps

The home buying process is seven basic steps. From choosing your real estate agent and mortgage broker all the way to picking up the keys from your lawyer.

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Factors to Consider

You first have to understand what type of mortgage you need, and what kind of mortgage client you are. Only then, you select the best rate possible, given a myriad of other considerations.

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Government Help

Governments want to help you buy a home. In addition to all sorts of provincial and federal tax credits, some cities also offer municipal first-time homebuyer grants.

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Beware the Banks

First time buyers move much more frequently than older folks – you must understand your lender’s mortgage prepayment penalties.

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Clo$ing Co$ts

There are a slew of one time items which crop up all at the same time - they always do. Land transfer taxes, legal fees etc. Are you prepared?

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All About Mortgages

Do you really know what a mortgage is, or how you go about getting one? There's no shame in wanting to know more. This is a primer which will give you the basics.

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Mortgage Fails

You have to keep your eye on the ball from the moment you are first pre-approved right up until your closing date. If you screw up, you could lose your new home and your deposit, and possibly be sued.

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Your Down Payment

There are no free rides here. Everyone must come up with at least 5 percent of the purchase price. More if your new home costs more than $500,000.

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Get Pre-Approved

How much mortgage are you qualified for? We review your household income, expenses, savings, debts, and credit history.

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Learn the Lingo

The world of mortgages is full of strange terms you maybe didn't know before. Make sure you know and understand the important ones.

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Check Your Credit

Unknown credit history issues are one of the top three home purchase killers. Avoid this. After you order your credit report from Equifax, here's what you do. 

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Build Your Team

Pick a strong real estate agent, mortgage broker and lawyer. These guys have done it hundreds of times and you are a noob. And you won't have to dip into your pocket to use their services. 

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High Ratio Mortgages

If your down payment is less than 20%* it is subject to mortgage default insurance. This protects your lender and is offered by one of Genworth, Canada Guaranty, or CMHC.

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Mortgage Experts

If you want to research and learn all about mortgages before you venture out with your real estate agent, these guys are pretty good.

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Choosing Your Rate

It's not just about picking the lowest rate. Should you fix your rate or stay flexible? Long or short term? Go with a bank or another lender?

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